- Spain promotes with the European countries participating in the Ministerial Meeting of the G20 Fukuoka (Japan) a statement that highlights the value of trade as an engine for growth and job creation
- The Acting Minister of Economy and Business indicates the need to address the challenges of digital taxation in order to maintain confidence in the international system and favor a fair taxation.
- Nadia Calviño will take advantage of her stay in Japan to meet in Tokyo with international investors
The acting Minister of Economy and Business, Nadia Calviño, participated in the G20 ministerial meeting held over the weekend in Fukuoka (Japan). The meeting has served to prepare the summit of Heads of State and Government to be held on June 28 and 29 in another Japanese city, Osaka. Japan is the country in charge of the G20 presidency during 2019.
The Ministers of Economy and Finance and the Governors of the Central Banks of the member states have analyzed the situation of the global economy and have discussed international taxation, global imbalances, financial stability, as well as financing for development, investment in infrastructures and demographic changes. In a joint statement, the G20 countries have reaffirmed their commitment to use all the instruments of economic policy in favor of a solid, sustainable, balanced and inclusive growth.
The G20 countries have found that global growth is stabilizing, with the forecast of a moderate recovery from the second half of 2019.
The main threat to this growth is the commercial and geopolitical tensions that have intensified. This is recognized in the final communiqué signed by the participants in the meeting, who declare their willingness to take joint actions to strengthen international cooperation. The communiqué reiterates that international trade and investment are engines of growth, productivity, innovation, job creation and development.
The G20 ministers have expressed their willingness to continue working to achieve an international fiscal system, fair, sustainable and modern, and promote fiscal policies favorable to growth. They have positively assessed the progress in the OECD framework in dealing with the fiscal challenges arising from digitization and agreed to move forward also on the roadmap on erosion of tax bases and transfer of benefits (BEPS), to guarantee a minimum international taxation. They commit to redouble their efforts to achieve a consensus solution in both areas, with a final report for 2020.
"It is a priority to jointly address the special challenges posed by the taxation of new business models of digital platforms in order to ensure equal conditions of competition in the global market as well as fair and equitable taxation," he said. Minister Calviño in her speech.
The statement also notes that the mobilization of sustainable financing and the strengthening of financial inclusion are important for global growth. And it advocates maximizing the positive impact of infrastructures to achieve sustainable growth and development, preserving the sustainability of public finances, increasing efficiency and taking into account environmental and gender considerations.
The Acting Minister of Economy and Business has taken advantage of the G20 meetings to hold various bilateral meetings with the President of the Eurogroup and Minister of Finance of Portugal, Mario Centeno, the Minister of Finance of Canada, Bill Morneau, and the Director General of the Bank World, Kristalina Georgieva.
His stay in Japan concludes with a trip to Tokyo where he meets with investors on Monday. The minister will transfer the commitment of Spain to the budget discipline and the solid prospects of our economy, with a growth higher than that of the euro zone. In the last issues held by the Treasury, there has been a growing interest of Asian investors in the Spanish public debt.
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